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Crowds are returning to Las Vegas, but Nevada residents struggling with rising prices
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Crowds are returning to Las Vegas, but Nevada residents struggling with rising prices
The US mortgage industry is seeing its first lenders go out of business after a sudden spike in lending rates, and the wave of failures that’s coming could be the worst since the housing bubble burst about 15 years ago.
Hong Kong’s home prices could fall as much as 10% in the second half after two major banks raised mortgage rates for new homebuyers to the highest since 2008, according to Bloomberg Intelligence.
(Bloomberg) -- Chinese banks will likely trim their benchmark loan prime rates Monday for the first time in months to help spur borrowing demand and reverse a sharp slump in consumer and business sentiment.
(Bloomberg) -- Abu Dhabi Investment Authority is seeking to more than double its money on a Miami Beach hotel.
Jun 6, 2019
Bloomberg News
,Here’s one consequence of the slowing U.S. housing market: Home flippers are heading for the exits.
Homes that were resold within 12 months after being purchased made up 7.2 per cent of all transactions in the first quarter, the biggest share since the start of 2010, Attom Data Solutions reported Thursday. Meanwhile, the average return on investment, not including renovations and other expenses, dropped to 39 per cent, an almost eight-year low.
Speculators are on the housing market’s front lines, where softening price growth, waning demand and longer times to sell can turn quickly into shrinking profits, or even losses. Purchases of previously owned homes fell 4.4 per cent in April, the 14th straight year-over-year decline, according to the National Association of Realtors.
“Investors may be getting out while the getting is good,” Todd Teta, chief product officer at Attom Data Solutions, said in the report. “If investors are seeing profit margins drop, they may be acting now and selling before price increases drop even more.”